Alex and Jim carry on a business in partnership and split any net income or losses equally. Gross income for the current income year is $40,000, of which $8.000 is made on sales outside Australia (for which no expenses are incurred). Business expenses of $25.000 include a salary paid to Alex of $5.000. All expenses relate to Australian source income. What is Jim's assessable income assuming he is a non-resident? O a. 56,000 O b.512.500 Oc 54,500 Od 52,000
Alex and Jim carry on a business in partnership and split any net income or losses equally. Gross income for the current income year is $40,000, of which $8.000 is made on sales outside Australia (for which no expenses are incurred). Business expenses of $25.000 include a salary paid to Alex of $5.000. All expenses relate to Australian source income. What is Jim's assessable income assuming he is a non-resident? O a. 56,000 O b.512.500 Oc 54,500 Od 52,000
Chapter21: Partnerships
Section: Chapter Questions
Problem 7BCRQ
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Transcribed Image Text:Alex and Jim carry on a business in partnership and split any net income or losses equally. Gross income for the current
income year is $40,000, of which $8.000 is made on sales outside Australia (for which no expenses are incurred).
Business expenses of $25.000 include a salary paid to Alex of 55.000. All expenses relate to Australian source income.
What is Jim's assessable income assuming he is a non-resident?
O a. 56,000
O b.512.500
Oc 54,500
Od 52,000
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